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AC81
Level 2

Split Deposits missing from balance sheet report

I have found what seems like a bug, but is more likely something I'm not understanding correctly. I have deposited a single check for two different partners in my business. The partners are listed as Vendors in QB. I'm using the suggested structure of having an equity summing account for each partner and then two sub accounts, one for contributions and one for draws. Thus, the deposited funds are put into the business checking account and are designated for each individual partner's equity "contributions" account. On the chart of accounts, everything looks fine...the new contributions are added to each partners equity account and the correct balance shows for the checking account. My issue is that when I run a balance sheet report by Vendor, the contributions do not show up in the checking (asset) account on the report. If I enter both deposits separately, everything looks as expected, but then I can't match the deposits to the online transaction. The only suggestion I can seem to find involves issuing invoices and going to an "undeposited funds" account first. However, these are not payments, these are equity contributions. If anyone has run into this and has a solution, it would be greatly appreciated. Thanks.

7 Comments 7
Charies_M
Moderator

Split Deposits missing from balance sheet report

Thanks for coming in with us, AC81.

 

To be able to provide you with the right resolution, would you mind sharing some screenshots with your Balance Sheet report for me to have a better view of the issue?

 

Another way to view split transactions is through the Transaction List with Splits report. This is intended to provide you with the transaction details by account.

 

Here's how:

  1. Go to Reports.
  2. Enter Transaction List with Splits in the search field.
  3. Filter the report to your desired preference by clicking the Customize button.
  4. Click Run report.

To know more about customizing reports, you can checkout this article: Customize Reports and Email.

 

You can also visit this guide on entering split transactions in the register that you may find helpful.

 

Let me know if you have other questions. I'm always here to help you. Have a wonderful day ahead!

AC81
Level 2

Split Deposits missing from balance sheet report

Thanks Charles. Please see the screenshot below. I've blocked out the names but the black squares are partner #1, blue is partner #2, and orange is partner #3.  This is after putting in two different transactions.  A single $20,000 deposit for partner #1 and a $20,000 split deposit (10k each) for partner #2 and #3.  Nothing shows in the checking (asset) account for partners #2 and #3, but the contributions show in the equity accounts.  Everything looks fine for partner #1.  This is a balance sheet report that is filtered by vendor (partner).  Please let me know if you need more info.

 

forumpost2.png

AlcaeusF
Moderator

Split Deposits missing from balance sheet report

Thanks for elaborating, AC81.

 

When splitting bank deposits, the posting on the Balance Sheet report will depend on the account selected. Let's go to your Chart of Accounts and locate the deposit.

 

Here's how:

 

  1. Click the Gear icon. 
  2. Below Your Company, select Chart of Accounts.
  3. Search for the account where the split deposits are showing from the report.
  4. Hit View register. 
  5. Choose the deposit and tick Edit
  6. Below the Account column, make sure to select the checking account. 
  7. Press Save and close
  8. Run the Balance Sheet report. 

For additional information about the report, check out the following article. It also contains troubleshooting steps to take to resolve common Balance Sheet issues:

 

FAQ: Basic troubleshooting for balance sheets.

 

Let me know if you have further questions or other concerns. Please know the Community has your back. I’ll be right here to assist further.

AC81
Level 2

Split Deposits missing from balance sheet report

@AlcaeusF 

 

Thanks for your response.  This actually defines why I think this could be a bug...or at the very least a short coming. The account of deposit is already shown up at the top of the page. Why would you need to put it in again on the split deposit liine? It eliminates the ability to move the deposit into the equity accounts. On the chart of accounts, the money from both deposits shows up in checking. For regular deposits, the balance sheet understands this, as illustrated in my report, but for split deposits, it does not. Here are screenshots to the two deposits related to my original screenshot. Notice the checking account at the top left is the same in both cases and the category points to the equity account in both cases, but on the balance sheet filtered by vendor, the split deposit doesn't show. I think the issue is that even though the payee (Vendor) is listed on the split lines, the balance sheet report doesn't "see" the payee field on split deposits for some reason. It doesn't go into the splits to pull out that info, but I don't understand a practical reason for why it wouldn't do that.

 

forumpost3deposit1.png forumpost4deposit2.png

AC81
Level 2

Split Deposits missing from balance sheet report

deleted

MariaSoledadG
QuickBooks Team

Split Deposits missing from balance sheet report

Hi AC81,

 

At this time, the only way to pull up the payee (vendor) name on the report is to enter a deposit separately for each vendor.

 

Also, I suggest contacting our support team so they can verify why is this happening and investigate on this. They have the tools to pull up your account in a secure environment. Here's how to reach them:

  1. Sign into your account.
  2. Click Help.
  3. Click Contact us.
  4. Type your concern.
  5. Click Let's talk.
  6. Select Get a callback.

I got this link in case you have other questions about QuickBooks Online (QBO): Banking.

 

Feel free to let me know if you need anything else. I'll make sure to help.

AC81
Level 2

Split Deposits missing from balance sheet report

I think I figured out a work around for this problem. All deposits can be listed as journal entries with a line for the deposit and another line for adding the money to the appropriate equity account. In this case, the payee in the splits in the journal entry are still "seen" by the reports and are pulled in appropriately. As an added bonus, as long as the journal entries for multiple transactions have the same journal number, QBO will still match to the downloaded transaction from my bank. It still seems to me that you should be able to do this directly from a split deposit. It is basically the exact same thing. I can't be the only person to ever bring this up (though I saw nothing when searching the forums), so it worries me that there may be an issue with this approach that will only become apparent later.

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